The purpose of this study was to explore and describe the learning experienced by second-year undergraduate students serving as peer mentors to first-year students within a leadership-themed living-learning community. A basic qualitative approach was used, with data collected from semi-structured interviews conducted with participants at the beginning and end of their year-term as peer mentors. The interview transcripts were coded using Fink's (2003) taxonomy of significant learning, where lasting change is a consequence of the learning. Five of the six categories of significant learning were evident, suggesting that the experience of being a peer mentor within a leadership-themed living-learning community creates lasting change within the peer mentors. Additionally, this study reinforces Fink's (2003) claim of the interactive rather than hierarchical nature of learning.